DENVER (AP) — QEP Resources plans to spend about $950 million acquiring oil and gas properties located mainly in the Midland sub-basin in two West Texas counties.
The Denver company said Monday the deal will help diversify its exploration and production footprint and fits its strategy of becoming more focused on crude oil and natural gas liquids. QEP focuses its exploration and production mainly on the Rockies and Oklahoma, the Texas panhandle and Louisiana.
QEP Resources Inc. expects to close the deal before the end of next month. It will use cash and a revolving credit line to pay for it.
The company's shares climbed 3.3 percent, or $1.03, to $32.46 Monday before markets closed and after the deal was announced. That put the stock up about 7 percent so far this year.